Thursday, November 26, 2009

DATO CHAN BUYS STAKE IN CARDIFF CITY

Cardiff City have announced Malaysian businessman Datuk Chan Tien Ghee has joined the club's board and that he has already started to invest his money.

It comes on the day that the Bluebirds appeared before London's High Court to face a winding-up order brought by Her Majesty's Revenue & Customs.

But the case was put off for 70 days to allow the club to pay the undisclosed debt.

Tien Ghee told Cardiff's official website: "I am very proud and privileged to be joining the board of Cardiff City at this time.

"Now that the infrastructure is in place, I believe that together with the existing board I can help to provide Cardiff City with the additional resources it requires to achieve the ambition of attaining Premier League football."

Cardiff City Chairman Peter Ridsdale hopes the debt will be paid next month after revealing they have reached an "outline agreement" - and the Bluebirds chairman awaits the lawyers go-ahead.

And he says Wednesday's announcement of Tien Ghee's "TG" investment will put the club in a good position for the future.

"It's very, very good news," said Ridsdale. "We fully expect that the club will see an opportunity for investment of funds, not only on a personal level but also through some of his contacts in the Far East.

"We have already received some money and more money is on its way from the banks in the Far East.

"We are in a period when we expect whatever we have received to be enhanced in the future through various options which will include looking at sponsorship opportunities, but will also include direct investment."

And Ridsdale has refused to rule out the possibility of Tien Ghee taking full control of the club in the future.

"I don't think anybody would be putting in the sort of funds we are expecting over the next few weeks unless they see it as a good investment opportunity," he added.

"If it turns out to be as good as we both believe it will be then who knows where it may lead.

"The club is in good hands today and it will continue to be in good hands in the future."